Against the backdrop of a record increase in the key rate, many companies and individuals faced a sharp rise in the cost of servicing their debts. And this, the prime minister warned, poses a threat not only to themselves, but also to the economy as a whole
The Russian government will allow debt restructuring for companies and individuals with floating rate loans, Prime Minister Mikhail Mishustin said, opening a government meeting.
floating rate loan. Many did this while inflation was still moderate, and now they are in a difficult position, faced with a shortage of liquidity and at the same time with a significant increase in debt service costs, which creates risks not only for themselves, but also for the economy as a whole, — noted Mishustin.
To support such borrowers, a number of changes will be made to the legislation. “They will allow restructuring debt, facilitating payments at a time when commodity and supply chains are being reconfigured in parallel,” — clarified the prime minister.
As specified by RBC in the Ministry of Economic Development, the department proposed to provide borrowers with the opportunity to apply to banks until May 1 to establish a transition period with reduced interest rates on loans with a floating rate. The ministry estimates that about 40% of corporate ruble loans are provided by Russian banks at floating interest rates. At the same time, in most of these loan agreements, the key rate of the Bank of Russia is used as the base rate, they indicated there.
“Together with colleagues from the Central Bank, we prepared a draft law— we propose to install a “transitional” period for loans with "floating" rates. According to our estimates, such a decision will affect loans worth 14.3 trillion. rubles»,— clarified the Minister of Economic Development of Russia Maxim Reshetnikov.
According to the proposals of the Ministry of Economic Development, for each category of borrowers, the bill provides for its own procedure for restructuring credit debt. This can be both a different duration of the grace period during which a reduced rate is set, and the value of interest rates. For citizens, the Ministry of Economy proposed to set the interest rate effective on February 27, 2022.
A day earlier, the head of the Ministry of Economic Development, Maxim Reshetnikov, announced that the government and the Bank of Russia were working on easing for Russian companies that have loans with floating rates. We are talking about the introduction of a grace period, during which interest on active loans will rise smoothly.
“As a result of raising the key rate from 9.5% to 20%, many companies have faced a sharp rise in the cost of credit: it has risen in price by 11 percentage points. We are now, together with the Central Bank, on behalf of a government representative, are working on the issue of a grace period, when not all at once 10.5 percentage points. presented to the borrower, and for this increase to be smooth, — Reshetnikov explained.
On February 28, at an extraordinary meeting, the Bank of Russia raised the key rate to a record 20%. The head of the regulator, Elvira Nabiullina, explained that this was done to maintain financial stability.
Since the end of February, the authorities of the United States, the European Union and Great Britain have imposed blocking sanctions against the largest Russian companies, banks, and also froze the gold and foreign exchange reserves of the Central Bank for $300 billion.
According to the Central Bank, as of February 1, the volume of corporate loans of Russian banks was 52 .6 trillion rubles, of which 25.3 trillion rubles.— loans to individuals. What share of them is issued at a non-fixed rate, the Bank of Russia does not disclose. Reshetnikov estimated the share of loans to businesses with non-fixed rates at 40%.
“40% of the total loan portfolio in the economy, those loans that enterprises received, the rate on them is tied to the key rate , that is, it is determined by the formula “key rate plus”, — the minister pointed out.
In early March, President Vladimir Putin instructed the Central Bank and the government to develop measures by July 15 that would reduce the risks of borrowers from rising unfixed rates. Then the regulator published a report that described six options for restrictions, up to a complete ban on such loans.
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